BAKU, Azerbaijan, November 14. Italian company Snam has scaled back its investments in the liquefied natural gas (LNG) sector during the first nine months of 2023 compared to the same period last year, Trend reports.
Data from the company indicates a reduction from 358 million euros in the first three quarters of 2022 to 157 million euros in the corresponding period of 2023, marking a decrease of 2.3 times.
While LNG saw a notable reduction in investments, other sectors witnessed varied trends.
Snam increased investments in transport by 11 percent, allocating 765 million euros compared to 689 million euros in the preceding year. Investments in storage experienced a significant uptick, rising by 29.8 percent from 114 million euros to 148 million euros. Additionally, investments in energy transition reached 162 million euros, reflecting a 9.5 percent increase from the previous year's 148 million euros.
Despite these fluctuations, the overall trend in total investments was a 5.9 percent decrease, dropping from 1.232 billion euros in the same period in 2022 to 1.309 billion euros in 2023.
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